INSUBCONTINENT EXCLUSIVE:
Mumbai: New India Assurance reported 118.35% increase in net profit during the financial year ended March 31, 2018 on account of lower
claims and reduction in expenses.
During the year, the company reported net profit of Rs 2,201 crore as against Rs 1,008 crore a year ago
The board recommended a one for one bonus
due to reduction in claims ratio and expense ratio to 111.2% compared to 118.7%
The company has taken various steps to improve underwriting and claims management
Combined ratio is a measure of profitability of a insurance company.
Gross written premium rose 15.3% to Rs 26,554 crore in FY18 as against
Rs 23,020 crore in financial year 2016-17.
Shares of the company fell 0.13% to Rs 696.55 on the BSE.
